What is an Electronic License Service, LLC Financial Guarantee Bond?
Electronic License Service, LLC (ELS) provides web-based, electronic software systems designed to interface with various state, city and county agencies in Illinois. Their systems allow businesses to connect with the offices of Illinois Secretary of State, Chicago City Clerk, Illinois Department of Revenue and Cook County Clerk to provide licensing, print-on-demand stickers, license plates, vehicle title transactions, certificates, and fee and tax payment collection to the public. An important step in the application process for businesses that wish to use this service is the purchasing and filing of a $10,000 surety bond with ELS. This surety bond guarantees that the principal will remit all funds from the sale of product and services to ELS, per the terms of their written agreement. If payment is not made in a timely manner or if any terms of their written agreement are violated, ELS can file a claim on the bond for reimbursement. If the claim is validated, the surety will pay out up to the penal sum of the bond to resolve the claim. The principal is responsible to reimburse the surety for all monies paid out, including attorney fees.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.
Which states require Electronic License Service, LLC Financial Guarantee Surety Bonds?
Pacific Surety proudly offers Electronic License Service, LLC Financial Guarantee Surety Bonds in the following states:
What is the bond amount for Electronic License Service, LLC Financial Guarantee Surety Bonds?
Bond amounts for the Electronic License Service Surety Bonds vary and are set by the local rules and statutes regulating the industry. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does an Electronic License Service, LLC Financial Guarantee Surety Bond cost?
Pricing for an Electronic License Service Surety Bonds will vary, and your premium will be based on the following factors:
- State the bond is required in
- Amount of the bond
- Term length of the bond
- Personal credit for anyone with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay between 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get an Electronic License Service, LLC Financial Guarantee Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for an Electronic License Service, LLC Financial Guarantee Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How do I purchase an Electronic License Service, LLC Financial Guarantee Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
Who does an Electronic License Service, LLC Financial Guarantee Surety Bond protect?
Unlike insurance, which protects you, your home or your business, Electronic License Service, LLC Financial Guarantee Surety Bonds guarantee that the principal will remit all funds from the sale of product and services to ELS, per the terms of their written agreement. In the event that payments are not made in full where agreed, a claim can be filed by the obligee with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. You are then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the claim.
Claims can be detrimental to your business. Not only do they cause financial harm, they make it very difficult, if not impossible, to get bonded again.